NAPA Net - Polling Places 022820 |
Are You Psyched About Cybersecurity?
Willie Sutton once famously remarked that he robbed banks “because that’s where the money is.” These days cyber criminals might say the same thing about 401(k) plans. This week, we’re checking in on your (and your plan sponsor clients’) cyber insecurities.
Though such attempts don’t often make the headlines, 401(k) plans have become prime targets for two specific types of attacks; theft of money (via fraudulent online transactions) and theft of identity data.
Now, ERISA doesn’t have any specific language regarding data protection, and – recent litigation notwithstanding, there’s not yet any court ruling that would classify participant data as a “plan asset.” But still, participant data – how it is gathered, transmitted, and ultimately maintained – is a highly sensitive issue.
Though such attempts don’t often make the headlines, 401(k) plans have become prime targets for two specific types of attacks; theft of money (via fraudulent online transactions) and theft of identity data.
Now, ERISA doesn’t have any specific language regarding data protection, and – recent litigation notwithstanding, there’s not yet any court ruling that would classify participant data as a “plan asset.” But still, participant data – how it is gathered, transmitted, and ultimately maintained – is a highly sensitive issue.